^President Bush today signed into law the Federal Funding Accountability and Transparency Act (S. 2590).  The bill creates an easy-to-use Web site that will allow citizens to track the recipients of all federal funds.  Most commonly, federal funding takes the form of grants and contracts, which are often awarded with very little transparency.  This new tool will provide for accountability and transparency at all levels of government.

Following the bill signing, Dr. Coburn and Senator Obama released the following statement:

“This legislation marks a small but important step in the effort to change the culture in Washington, D.C. American taxpayers soon will be equipped with a significant tool that will make it much easier to hold elected officials accountable for the way taxpayer money is spent. The army of bloggers, editorialists and concerned citizens who worked diligently to see this bill pass deserve all the credit and praise today,” the senators said.^

President Bush said this today in his remarks on the legislation:

"This bill is going to create a website that will list the federal government's grants and contracts. It's going to be a website that the average citizen can access and use. It will allow Americans to log onto the Internet just to see how your money is being spent. This bill will increase accountability and reduce incentives for wasteful spending. I am proud to sign it into law and I am proud to be with members of both political parties who worked hard to get this bill to my desk."

Read the rest of the President's comments here.